By Sheri Kasprzak
Atlanta, Feb. 22 - Northern Dynasty Minerals Ltd. said it has closed a C$30,812,500 private placement of units.
The company sold 7.25 million units at C$4.25 each. The units are comprised of one share and one warrant.
The warrants allow for an additional share at C$5 each for 18 months.
Galahad Gold plc bought a total of 1.18 million units in the offering. Galahad said it will also invest C$5 million for 1,176,500 shares of Northern Dynasty at C$4.25 each and warrants for 1,176,500 in warrants, exercisable at C$5 for 18 months.
Based in Vancouver, B.C., Northern Dynasty is a mineral exploration company. It plans to use the proceeds to fund delineation drilling of its East Zone discovery and for engineering and socioeconomic work for a feasibility study for an open pit mining operation.
| Issuer: | Northern Dynasty Minerals Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | C$30,812,500
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| Units: | 7.25 million
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| Price: | C$4.25
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| Warrants: | One warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$5.00
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| Investor: | Galahad Gold plc (for 1.18 million units)
|
| Settlement date: | Feb. 18
|
| Stock price: | C$5.06 at close Feb. 18
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